It appears the rush is on. Todays release of the pending new home sales numbers appear to verify the success of the 1st time homebuyer tax credit. June's numbers were revised to a 9.1% month over month increase and July were 9.6% higher still. That makes July the largest increase since February 2005 and puts new home inventories at a 16 year low with just a 7.5 month supply. Couple this with NAR's report last week of a 7.2% increase in existing home sales and you start thinking maybe we've seen the bottom. A large portion of this activity is being driven by first time home buyers trying to get in before the Nov 30th deadline. Let's hope we don't fall off a cliff after that. to help avoid this we should all get behind HR 2801 which will not only extend the tax credit but expand it to all...
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